If ABC Corporation has following historical data about sales volume: Years Sales Years Sales Years Sales Years Sales 2001 110 2006 99 2011 100 2016 110 2002 112 2007 101 2012 104 2017 111 2003 122 2008 95 2013 108 2018 109 2004 111 2009 98 2014 102 2019 114 2005 104 2010 96 2015 115 2020 112 Note: All the sale values are in thousands. Required: Which type of forecasting approach is suitable for this type of data? Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique. Calculate the predicted values by employing the discussed technique in part (b) on the above data.
If ABC Corporation has following historical data about sales volume: Years Sales Years Sales Years Sales Years Sales 2001 110 2006 99 2011 100 2016 110 2002 112 2007 101 2012 104 2017 111 2003 122 2008 95 2013 108 2018 109 2004 111 2009 98 2014 102 2019 114 2005 104 2010 96 2015 115 2020 112 Note: All the sale values are in thousands. Required: Which type of forecasting approach is suitable for this type of data? Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique. Calculate the predicted values by employing the discussed technique in part (b) on the above data.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...
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Question
If ABC Corporation has following historical data about sales volume:
|
Years |
Sales |
Years |
Sales |
Years |
Sales |
Years |
Sales |
|
2001 |
110 |
2006 |
99 |
2011 |
100 |
2016 |
110 |
|
2002 |
112 |
2007 |
101 |
2012 |
104 |
2017 |
111 |
|
2003 |
122 |
2008 |
95 |
2013 |
108 |
2018 |
109 |
|
2004 |
111 |
2009 |
98 |
2014 |
102 |
2019 |
114 |
|
2005 |
104 |
2010 |
96 |
2015 |
115 |
2020 |
112 |
Note: All the sale values are in thousands.
Required:
- Which type of
forecasting approach is suitable for this type of data? - Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique.
- Calculate the predicted values by employing the discussed technique in part (b) on the above data.
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